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Saturday, April 13, 2024

GSIS to insure over 132,000 school buildings for P843 billion

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State-run Government Service Insurance System (GSIS) said it will provide fire insurance for more than 132,000 public school buildings under the Department of Education (DepEd) nationwide.

The total fire insurance for these public school buildings is worth P843.11 billion, and will cover fire, lightning and natural catastrophes for a one-year period effective Jan. 1, 2024.

The Bureau of the Treasury (BTr) helped put together the insurance coverage, marking a pivotal step in the nation’s focus on educational infrastructure security under the National Indemnity Insurance Program (NIIP).

The NIIP, an initiative of the BTr, aims to provide adequate and comprehensive insurance protection to critical government assets such as schools, hospitals, roads and bridges.

“With the rising frequency of natural calamities, protecting public school buildings becomes a priority of the government. Our partnership with DepEd is a step towards ensuring financial resilience in support of its MATATAG agenda,” GSIS president and general manager Wick Veloso said.

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The GSIS said that in addition to insuring DepEd’s school buildings, it provided a 24/7 personal accident insurance coverage for all DepEd personnel, covering death and medical expenses.

“We are committed to looking after the well-being of our DepEd members by providing them with strong insurance protection,” Veloso said.

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